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Social Studies
Chapter 5 Economics
| Term | Definition |
|---|---|
| factor of production | a key resource used to produce goods and services |
| economy | the production, distribution and consumption of goods and services |
| opportunity cost | the cost of giving up one option to choose another |
| production possibilities curve | a graph showing all possible combinations of the number of products a supplier might produce |
| scarcity | a shortage of resources required to meet the unlimited wants and needs of the people |
| table | a visual that organizes information by horizontal rows and vertical columns |
| cottage industries | industries that people work to produce goods at home |
| demand | the amount of a product people are willing and able to buy at a certain price at a specific time |
| market | any situation in which a buyer and a seller freely exchange one thing for another |
| market equilibrium | the economic situation in which there is a balance between supply and demand |
| money | anything people will accept as a method of payment |
| supply | the amount of a product businesses are willing and able to produce at a certain price at a certain time |
| analyze | to break information into parts |
| limited government | a government that restricts its role in the economy |
| public goods | goods that the government provides for all people to use; for example, parks |
| recession | an economic downturn in which business activity slows, unemployment rises, and investment decreases |
| tax | a required payment by people to the government |
| inflation | an increase in the overall level for goods and services over time |
| laissez-faire capitalism | the idea that a government should not interfere with the economy |
| credit union | a non-profit business that makes loans and offers other personal banking services to its members |
| commercial bank | a for-profit business that provides financial services to people |
| fiat money | money that has value because of government order |
| Federal Reserve System | the central bank of the United States, which provides services to strengthen the nation's financial system and sets monetary policy to stabilize the economy |
| money supply | the amount of money available for use at any one time |
| monopoly | a control over a service or product by one business |
| competition | the effort to attract business by offering the best products, services or prices; the opposite of a monopoly |
| innovation | the development of new products, technologies or services or creative changes to existing ones |
| market structure | the way a market is organized, for example as with a monopoly or competition |
| capital | the money and supplies needed to run a business |
| incentive | motivation |
| interpret | to explain or make sense of |
| morale | the confidence and enthusiasm of a group |
| productivity | the pace at which work is completed |
| profit | income left after subtracting expenses |
| input | everything that goes into making a product |
| output | the product or service provided by a business |
| interdependence | the state of relying on one another |
| division of labor | the way work is divided among workers |
| goods | products |
| services | work done by a person for another person |
| product | an article that is manufactured for sale |
| profit margin | the measurement of how much money a business keeps out of every dollar of its sale |
| checking account | a bank account that lets the account holder write checks to pay for purchases |
| credit score | a report of how well an individual pays debts |
| deposit | to put money into an account |
| financial planning | organized steps that guide the spending, saving and investing of money |
| savings account | a bank account where money is stored |
| withdraw | to take money out of an account |
Created by:
rcaldwell1
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